(From German Thaler.) 1. The money unit of the United States. Established under the Confederation by resolution of Congress, July 6, 1785. This was originally represented by a silver piece only; the coinage of which was authorized by the act of Congress of Aug. 8, 1786. The same act also established a decimal system of coinage and accounts (Laws of the United States, Bioren & Duane, vol. 1, p. 646). But the coinage was not effected until after the passage of the act of April 2, 1792, establishing a mint (Stat. at Lar., vol. 1, p. 246), and the first coinage of dollars commenced in 1794. The law last cited provided for the coinage of "dollars or units, each to be of the value of a Spanish milled dollar, as the same was then current, and to contain three hundred and seventy-one grains and four-sixteenth parts of a grain of pure -silver, or four hundred and sixteen grains of standard silver." 2. The Spanish dollar known to our legislation, was the dollar coined in Spanish America, north and south, which was abundant in our currency, in contradistinction to the dollar coined in Spain, which was rarely seen in the United States. The intrinsic value of the two coins was the same; but, as a general (not invariable) distinction, the American coinage bore pillars, and the Spanish an escutcheon or shield: all kinds bore the royal effigy. 3. The milled dollar, so called, is in contradistinction to the irregular, misshapen coinage nicknamed cob, which a century ago was executed in the Spanish-American provinces; chiefly Mexican. By the use of a milling machine the pieces were figured on the edge, and assumed a true circular form. The pillar dollar and the milled dollar were in effect the same in value, and, in general terms, the same coin; though there are pillar dollars ("cobs") which are not milled, and there are milled dollars (of Spain proper) which have no pillars. 4. The weight and fineness of the Spanish milled and pillar dollars is eight and one-half pieces to a Castilian mark, or 4171 grains Troy. The limitation of 415 grains in our law of 1806, April 10 (Stat. at Lar., vol. 2, p. 374), was to meet the loss by wear. The legal fineness of these dollars was ten dineros, twenty granos, equal to 9023 thousandths; the actual fineness was somewhat variable, and always below. The Spanish dollar and all other foreign coins are ruled out by the act of Congress of Feb. 21,1857 (Stat.at Lar., 1856-7, p. 163), they being no longer a legal tender. But the statements herein given are useful for the sake of comparison; moreover, many contracts still in existence provide for payment (of ground-rents, for example) in Spanish milled or pillar dollars. The following terms, or their equivalent, are frequently used in agreements made about the close of the last and the beginning of the present century: "silver milled dollars, each dollar weighing 17 dwt. and 6 grains at least." This was equal to 414 grains. The standard fineness of United States silver coin from 1792 to 1836 was 1485 parts fine silver in 1664. Consequently, a piece or coin of 414 grains should contain 3691 grains pure silver. The market price of silver, based on the mint price, is now 1222 cents in gold per ounce of 480 grains standard, i.e. nine-tenths fine. This is equivalent to 122 cents for 432 grains of pure silver. Then by the rule of proportion, as 432 is to 12212, so is 369,4% to (say) $1.04%; which is consequently the value of the silver dollar referred to, "each dollar weighing 17 dwt. and 6 grains at least." 5. By the act of January 18, 1837, Sect. 8 (Stat. at Lar., vol. 5, p. 137), the standard weight and fineness of the dollar of the United States was fixed as follows: "of one thousand parts by weight, nine hundred shall be of pure metal, and one hundred of alloy," the alloy to consist of copper; and it was further provided that the weight of the silver dollar shall be four hundred and twelve and a half grains (4122). 6. The weight of the silver dollar has not been changed by subsequent legislation; but the proportionate weight of the lower denomination of silver coins has been diminished by the act of Feb. 21, 1853 (Stat. at Lar., 1852-3, p. 160). By this act the half-dollar (and the lower coins in proportion) is reduced in weight 144 grains below the previous coinage; so that the silver dollar which was embraced in this act weighs 281⁄2 grains more than two half-dollars. The silver dollar has, consequently, ceased to be current in the United States; but it continues to be coined to supply the demands of the West India trade and a local demand for cabinets, &c. 7. By the act of March 3, 1849, a gold dollar was authorized to be coined at the mint of the United States and the several branches thereof, conformably in all respects to the standard of gold coins now established by law, except that on the reverse of the piece the figure of the eagle shall be omitted. It is of the weight of 25.8 grains, and of the fineness of nine hundred thousandths. 8. The dollar of gold or of silver is a legal tender in the payment of debts to any amount. HALF-DOLLAR. A silver coin of the United States, of the value of fifty cents. 1. The act of Congress of April 2, 1792 (Sect. 9) provided for the coinage of half-dollars, each to be DOUBLE EAGLE. A gold coin of the United States, of the value of twenty dollars or units. It is so called because it is twice the value of the eagle, and consequently of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and tensixteenth parts of a grain of pure, or two hundred and eight grains of standard silver (Stat. at Lar., vol. 1, p. 348). Under this law the fineness of the silver coins of the United States was 892.4 thou-weighs five hundred and sixteen grains of standsandths of pure silver. 2. The weight and fineness of the silver coins were somewhat changed by the act of January 18, 1837 (Stat. at Lar., vol. 5, p. 137), the weight of the half-dollar being by this act fixed at 2061⁄4 grains, and the fineness at 900 thousandths; conforming, in respect to fineness, with the coinage of France and most other nations. 3. The weight of the half-dollar was reduced by the act of February 21, 1853 (Stat. at Lar., vol. 10, p. 160), to 192 grains, at which rate it continues to be issued, the standard fineness remaining the same. ard fineness, namely, nine hundred thousandths fine. It is a legal tender for twenty dollars to any amount. (Act of March 3, 1849, Stat. at Lar., vol. 6, p. 397.) The double eagle is the largest coin issued in the United States, and of greater value than any now issued in any other country, except the oban of Japan, which, however, partakes more of the character of a bar of gold than a coin. The first issue of the double eagle was made in 1849. Vide EAGLE; HALF-EAGLE. HALF-EAGLE. A gold coin of the United States, of the value of 4. The half-dollars coined under the acts of 1792 five dollars. The weight of the piece is one hunand 1837 (1 and 2, as above) are a legal tender at dred and twenty-nine grains of standard fineness, their nominal value in payment of debts to any namely, nine hundred thousandths of pure gold, amount. Those coined since the passage of the and one hundred of alloy of silver and copper; act of February 21, 1853, are a legal tender in pay-"provided that the silver do not exceed one-half ment of debts for all sums not exceeding five dol- of the whole alloy." (Act of Jan. 18, 1837, Stat. at lars (sect. 2). The silver coins struck in the year | Lar., vol. 5, p. 136.) As the proportion of silver 1853, under this last-cited act, may be distin- and copper is not fixed by law further than to guished from the others of that year by the arrow-prescribe that the silver therein shall not exceed heads on the right and left of the date of the piece. fifty in every thousand parts, the proportion was In 1854, and subsequent years, the arrow-heads made the subject of a special instruction by Mr. are omitted. Snowden, the late Director of the Mint, as follows: QUARTER-DOLLAR. "As it is highly important to secure uniformity in our gold coinage, all deposits of native gold, or A silver coin of the United States, of the value gold not previously refined, should be assayed for of twenty-five cents. 2. Previous to the act of Feb. 21, 1853, c. 79 (Stat. at Lar., vol. 10, p. 160), the weight of the quarterdollar was one hundred and three and one-eighth grains; but the coins struck since the passage of that act are of the weight of ninety-six grains. The fineness was not altered by the act cited; of one thousand parts, nine hundred are pure silver and one hundred alloy. Quarter-dollars issued before February, 1853, are a legal tender to any amount; those coined since that period are a legal tender in payment of debts for sums not exceeding five dollars. Vide HALF-DOLLAR,-in which the change in the weight of silver coins is more fully noticed. EAGLE. A gold coin of the United States, of the value of ten dollars. It weighs two hundred and fiftyeight grains, of standard fineness; that is to say, of one thousand parts by weight, nine hundred shall be of pure metal and one hundred of alloy, the alloy consisting of silver and copper. (For proportion of alloy in gold coins of the United States since 1853, see article HALF-EAGLE.) For all sums whatever the eagle is a legal tender of payment for ten dollars. (Act of Jan. 18, 1837, sect. 10, Stat. at Lar., vol 5, p. 138.) silver, without exception, and refined to from 990 to 993, say averaging 991 as near as may be. When any of the deposits prove to be 990, or finer, they should be reserved to be mixed with the refined gold. The gold coin of the Mint and its branches will then be nearly thus: gold, 900; silver, 8; copper, 92; and thus a greater uniformity of color will be attained than was heretofore accomplished." The instructions on this point were prescribed by the Director in September, 1853. Mint Pamphlet; "Instructions relative to the Business of the Mint," p. 14. For all sums whatever the half-eagle is a legal tender of payment of five dollars. (Sect. 10, act of Congress above cited, p. 138.) The first issues of this coin at the Mint of the United States were in 1795. QUARTER-EAGLE. A gold coin of the United States, of the value of two dollars and fifty cents. 2. It weighs sixty-four and a half grains. Of one thousand parts by weight, nine hundred are of pure metal, and one hundred of alloy. The quarter-eagle is a legal tender, according to its nominal value, for any sum whatever. (Act of Jan. 18, 1837, secs. 8 and 10, Stat. at Lar., vol. §, p. 136.) Vide HALF-EAGLE, THREE-DOLLAR GOLD COIN. FOREIGN COINS. Coins issued by the authority of a foreign government. 1. There were several acts of Congress passed which rendered certain foreign gold and silver coins a legal tender in payment of debts upon certain prescribed conditions as to fineness and weight. In making a report in 1854 on this subject, the late Director of the Mint, Mr. Snowden, suggested that there was no propriety or necessity for legalizing the circulation of the coins of other countries, and that in no other nation, except in the case of some colonies, was this mixture of currencies admitted by law, either on the score of courtesy or convenience; and he recommended that if the laws which legalize foreign coins should be repealed, that it would be proper to require an annual assay report upon the weight and fineness of such foreign coins as frequently reach our shores, with a view to settle and determine their marketable value. (Ex. Doc. No. 68, 33d Cong., 1st Session.) This suggestion was subsequently repeated, and finally led to the passage of the act of Feb. 21, 1857 (Stat. at Lar., vol. 11, p. 163), the third section of which is as follows:-That all for. mer acts authorizing the currency of foreign gold or silver coins, and declaring the same a legal The three-dollar piece was authorized by the 7th sect. of the act of Feb. 21, 1853 (Stat. at Lar., vol. 10). It is of the same fineness as the other gold coins of the United States. The weight of the coin is 77.4 grains. The devices upon this coin, and the gold dollar also, are not authoritatively fixed by act of Congress, as is the case with all the other gold coins of the United States; and hence greater latitude was allowed to the Treasury department and the officers of the Mint in fixing these devices. The obverse of the piece presents an ideal head, emblematic of America, enclosed within the national legend; on the reverse is a wreath composed of wheat, cotton, corn, and tobacco, the staple productions of the United States; within the wreath the value and date of the coin are given. It is a beautiful coin; but the demand for it never has been great, owing chiefly to the fact that it does not harmonize with the customs of our people, and never was a favorite with our banks and moneyed institutions, because they prefer to pay in sums of five and ten or one hundred dollars. People are accustomed to use the eagle, and the half and quarter eagle, in like manner as they are familiar with the dollar, the half and the quarter dollar. The three-dollar piece is a legal tender in pay- tender in payment for debts, are repealed; but it ments of any amount. LEGAL TENDER COINS. shall be the duty of the Director of the Mint to cause assays to be made from time to time of such foreign coins as may be known to our commerce, to determine their average weight, fineness, and value, and to embrace in his annual report a statement of the results thereof. The following statement accompanies the last annual report of the 2. The silver dollar of the United States is a Director of the Mint, and was made in pursuance legal tender for all sums whatever. of the law above cited. 1. All the gold coins of the United States, according to their nominal value, for all sums what ever. 3. The silver coins below the denomination of the dollar, coined prior to 1854, are a legal tender in A Statement of the Weight, Fineness, and Value of payment of any sum whatever. 4. The silver coins below the dollar, of the date of 1554 and of subsequent years, are a legal tender in sums not exceeding five dollars. 5. The three-cent silver coins of the date of 1851, 1852, and 1853 are a tender in sums not exceeding thirty cents. Those of subsequent dates are a tender in sums not exceeding five dollars. 6. The cent is not a legal tender. 7. The laws at one time in force making certain foreign coins a legal tender were repealed by the act of Feb. 21, 1857, sect. 3 (Stat. at Lar., vol. 11, p. 163.) No foreign coins are now a legal tender. 8. By recent legislation, treasury notes have been issued which are a legal tender for all debts, public and private, except duties on imports and interest on the public debt. (Act of Congress of May 23, 1862.) 9. A postage currency has also been authorized, which is receivable in payment of all dues to the United States less than five dollars. They are not, however, a legal tender in payment of private debts. (Act of Congress, approved July 17, 1862.) Foreign Gold and Silver Coins. EXPLANATORY REMARKS. (See pp. 182-2.) The first column embraces the names of the countries where the coins are issued. The second contains the names of the coins only, the principal denominations being given. The other sizes are proportional, and, when this is not the case, the deviation is stated. The third column expresses the weight of a single piece in fractions of the troy ounce, carried to the thousandth and, in a few cases, to the tenthousandth of an ounce. This method is preferable to expressing the weight in grains for commercial purposes, and corresponds better with the terms of the Mint. It may be readily transferred to weight in grains by the following rule: remove the decimal point; from one-half deduct four per cent., and the remainder will be grains. The fourth column expresses the fineness in thousandths, i.e. the number of parts of pure gold or silver in one thousand parts of the coin. The fifth and sixth columns of the first table express the valuation of gold. In the fifth is shown the value, as compared with the legal content or amount of fine gold in our coin. In the sixth is shown the value as paid at the Mint after the uniform deduction of one-half of one per cent. The former is the value for any other purposes, than re-coinage, and especially for the purpose of comparison; the latter is the value in exchange for our coins at the Mint. For the silver there is no fixed legal valuation, the law providing for shifting the price according to the conditions of demand and supply. The present price of standard silver is 122 cents per ounce, at which rate the values in the fifth column of the second table are calculated. 2. The pieces commonly known as the quarter, eighth, and sixteenth of the Spanish pillar dollar, and of the Mexican dollar, are receivable at the Treasury of the United States and its several offices, and at the several post-offices and land offices, at the rates of valuation following, that is to say the fourth of a dollar, or piece of two reals, at twenty cents; the eighth of a dollar, or piece of one real, at ten cents; and the sixteenth of a dollar, or half-real, at five cents. (Act of Feb. 21, 1857, sect. 1.) The value of foreign money of account at the custom-houses of the United States. 3. In the computation of the value of such moneys of account, the thaler of Prussia shall be deemed and taken to be of the value of sixty-eight and one-half cents; the mil-reis of Portugal shall be deemed and taken to be of the value of one hundred and twelve cents; the rix-dollar of Bremen shall be deemed and taken to be of the value of seventyeight and three-quarter cents; the thaler of Bremen, of seventy-two grotes, shall be deemed and taken to be of the value of seventy-one cents; that the mil-reis of Madeira shall be deemed and taken to be of the value of one hundred cents; the mil-reis of the Azores shall be deemed and taken to be of the value of eighty-three and one-third cents; the mare-banco of Hamburg shall be deemed and taken to be of the value of thirty-five cents; the rouble of Russia shall be deemed and taken to be of the value of seventy-five cents; the rupee of British India shall be deemed and taken to be of the value of forty-four and one-half cents; and all former laws inconsistent herewith are hereby repealed. (Act of March 3, 1843, c. 92.) The following further enactment has been made on this subject:-That in all computations at the custom-houses, the foreign coins and moneys of account herein specified shall be estimated as follows, to wit: The specie dollar of Sweden and Norway at one hundred and six cents. The specie dollar of Denmark at one hundred and five cents. The thaler of Prussia and of the northern states of Germany, at sixty-nine cents. The florin of the southern states of Germany, at forty cents. The florin of the Austrian empire and of the city of Augsburg, at forty-eight and one-half cents. The lira of the Lombardo-Verretian kingdom, and the lira of Tuscany, at sixteen cents. The franc of France and of Belgium, and the lira of Sardinia, at eighteen cents six mills. The ducat of Naples, at eighty cents. The ounce of Sicily, at two dollars and forty cents. The pound of the British provinces of Nova Scotia, New Brunswick, Newfoundland, and Canada, at four dollars. And all laws inconsistent with this act are hereby repealed. (Act of May 22, 1846.) 4. It is required that all foreign gold and silver coins which shall be received in payment for moneys due to the United States shall be sent to the Mint, and be coined anew in conformity to the act establishing a mint and regulating the coins of the United States. (Act of Feb. 9, 1793, sect. 3.) |